Pynchon and DFW were convinced that that zaniness was the right direction for new fiction, led by John Barth (Giles Goat-Boy) and Donald Barthelme (Sixty Stories.) The stuff is ... not a lot of fun.
I think folks like Martin Amis did it a lot more entertainingly, though the self-aware sophistication is (sigh) a lot to bear.
Where DFW embodies the virtues you admire is his non-fiction -- Consider the Lobster and A Supposedly Fun Thing I think are fascinating expositions into just how far down you have to dig to get at the emotionally authentic.
As for his fiction, I don't think he lived long enough to get all his sophomoric ideas out and get to material that actually mattered to him.